The Reserve Bank of India (RBI) on Wednesday proposed a set of measures to make it easier and faster for individuals and businesses to receive money from abroad, seeking to eliminate delays between the receipt of funds by a bank and the credit to the recipient’s account.

Under the proposed norms, banks will be required to credit inward remittances received during foreign exchange market hours to beneficiaries’ accounts on the same business day, and those received after market hours on the next business day, the central bank said in a draft circular.

“One of the challenges with the speed of cross-border payments is the delay between the receipt of the payment at the beneficiary bank and the credit to the beneficiary’s account,” the RBI observed.

To accelerate the process, the regulator h

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